Assuming A Car Loan

[Teresa]

I cannot make the payments on a car. I have a friend who has good credit but yet not enough to get a car loan.
He is willing to take over payments. Can this be done so that I am not liable if he is late for a payment?
That means the loan would stay in my name.

I really need to get this off of my hands or my credit is going to be shot.

Any advice?
I need it fast.
Thanks.

[Fidelity One]

You need to check the terms of the loan. Some loans allow you to sign the loan over to another individual. If the loan documents state the loan can be assumed, you need only contact the holder of the loan to find out their policies and procedures for transferring the loan.

If the loan documents do not say that the loan is assumable, that does not mean the loan is Not assumable. In this case, call the holder of the loan and ask them.

Good Luck

[camaliya]

Okay friends, I was recently permitted for a government grant for my housing. After getting off the phone with the specialist about my grant, I realized that I wanted funding for a used car versus my housing since I would need the car to get to school. If I am actually officially permitted for the government grant for my housing, but use the money for a down payment for a car instead would I get in some trouble? Please let me have your helpful suggestion.

[amandaaz]

How would you feel about one spouse on loan?I would like to purchase a home soon and thus far I have no credit problems. My husband on the other hand has credit issues. He has paid on some of his bills but appears to be complacent in the apartment where we are currently living. We have been living in the apartment for 4 years now and I feel it is time for us to start investing in our own. We have talked numerous times about this issue and he constantly says "next month we will look into buying". When that month arrives, he set it back another month and it continues. Ladies in a case like this, would you step out on your own and purchase a loan without your husband after you let him know what you are planning on doing? Men how would you feel in a case as I described if your wife applied for the loan without you?
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[imwiseman]

The greatest wealth is to live content with little.
Quotation of Plato

[LowerLadySheriff]

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[Mileaway]

How would you feel about one spouse on loan?I would like to purchase a home soon and thus far I have no credit problems. My husband on the other hand has credit issues. He has paid on some of his bills but appears to be complacent in the apartment where we are currently living. We have been living in the apartment for 4 years now and I feel it is time for us to start investing in our own. We have talked numerous times about this issue and he constantly says "next month we will look into buying". When that month arrives, he set it back another month and it continues. Ladies in a case like this, would you step out on your own and purchase a loan without your husband after you let him know what you are planning on doing? Men how would you feel in a case as I described if your wife applied for the loan without you?
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It would all depend upon your being in a community property state or not. Owning property in two different states, one community propery and the other not, one I own independently, the other the spouse is on. Even if you are the only one on the deed in a community property state you would more than likely have made note you are married. That would entail an Inter-Spousal Agreement to be able to sell the property.

So to answer your question: God Bless the spouse that has their own! lol

I might suggest you start working on building your spouses credit rating. He doesn't sound like he's in any big hurry to go anywhere anyway. By the time you get him off the couch you may have fixed his credit and he might be more agreeable to a purchase!

Good Luck to you!

[ronstuckey11]

I think you should do some legal actions about that. Also make sure that everything should meet the requirements needed.

[Allen11]

I cannot make the payments on a car. I have a friend who has good credit but yet not enough to get a car loan.
He is willing to take over payments. Can this be done so that I am not liable if he is late for a payment?
That means the loan would stay in my name.

I really need to get this off of my hands or my credit is going to be shot.

Any advice?
I need it fast.
Thanks.

You may also go and get the car on lease basis. And if you can put yourself on some agreement with the seller then that would also work for you.